The Internal Revenue Service shocked many people earlier this year when it announced that it would be turning to private debt collectors to help collect delinquent tax debts, which now total over $400 billion.
Ask anyone who has gone abroad about their experience, and chances are good that you'll be treated with great enthusiasm to stories, pictures and even travel advice. However, if you were to ask them about their preparations for their journey, you may get an entirely different response.
When it comes to the issue of filing their taxes or paying off tax debt, most business owners likely don't give it more than a second thought, as they are supremely confident that they would never file their return late or fail to remit payment in a timely manner.
Over the last few years, it's been all but impossible to pick up the business section of the paper without encountering some story about a major corporate entity either under investigation or reaching a settlement with the federal government over purported malfeasance.
Earlier this week, our blog discussed how the Internal Revenue Service has become persona non grata on Capitol Hill over the last several years due to everything from continued cyber security problems to investigative scandals. Indeed, we examined pending legislation that, if passed, would severely restrain the agency's powers.
Perhaps more than any other federal agency, the Internal Revenue Service is routinely the target of both public scorn and congressional criticism. While this has been the reality for decades, this rancor has recently increased to a considerable degree thanks to multiple scandals, reoccurring cyber security lapses and a host of other events that have dominated the headlines over the last few years.
Chances are very good that in recent years you've logged onto the business section of a news-based website only to be greeted with a headline announcing yet another mega merger between two corporate giants, one located here in the U.S. and the other overseas.
With the NCAA Tournament continuing today, millions of people will be watching the games to see if their bracket will be worth millions after entering into various contests. Also, Las Vegas will be alive once again with betting to rival the Super Bowl. Indeed, there will be upsets that could sway millions from bettors to the house, or vice versa. But after all, that’s part of the fun and intrigue of March Madness.
The vast majority of businesses and individuals do everything in their power to ensure that they file their tax returns on time and comply with all applicable provisions of the U.S. tax code.
If you have feel you have been bombarded by commercials announcing that it is refund season, or that your tax return can be completed in a few simple clicks, you are likely not alone. Tax season is big business for tax preparers, with more than a billion dollars to be made by companies such as Taxslayer, H&R Block and Intuit.